Rostro Group, the firm behind Scope Markets and Scope Prime, said on Monday that it has received approval to operate in the United Arab Emirates.
The brokerage group has received a Category 5 license from the local Securities and Commodities Authority.
That gives the firm the ability to market its products and services to clients in the UAE, with firms also typically picking up business in the wider region as a result.
Clients can access USD and AED denominated accounts with the group, which will be using its license to attract institutional and retail business.
“We at Rostro Group see the UAE as one of the most forward-thinking financial centres, one that will soon rival leading centres like London, Singapore or New York,” said Rostro Group CEO Michael Ayres. “Securing this licence deepens our alignment with the country’s vision to build a tech-first, institutionally robust financial ecosystem and propels our contribution to its next phase of growth.”
Rostro has already built up a presence in the Middle East via some local product offerings. The group’s retail and institutional brands launched trading in individual stocks listed in the region last year.
The brokerage group also launched proprietary products that let retail and institutional clients trade indices based on the performance of the Dubai and Abu Dhabi stock exchanges.
